The global voice and speech recognition market is expected to grow at a CAGR of 17% during 2019-2024. Voice and speech recognition refers to an authentication technology which assists in receiving and interpreting the human voice and carrying out the spoken commands. This technology primarily works on the principle of translating commands into electrical signals, converting them into coding patterns and sending them back to the device in digital format for the final execution. While it was developed several decades earlier, this technology has recently been introduced in mobile devices and other consumer electronics owing to the advancements in processing capabilities and improvements in network connectivity. This trend, coupled with the rising use of artificial intelligence (AI) and virtual assistants, such as Apple Siri, Amazon Alexa, Google Assistant, etc. has proliferated the demand for this software in the electronics industry.
Global Voice and Speech Recognition Market Drivers:
On account of changing lifestyles, rising internet penetration, and increasing consumers’ spending on media, entertainment and mobile communication, there has been a rise in the sales of electronic devices, such as tablets, laptops and smartphones, which have voice and speech recognition software pre-installed in them. Moreover, in order to retain their position in the market, various developers are upgrading speech and voice recognition software and introducing innovative products. For instance, Google has recently announced to launch Google Duplex which can conduct natural conversation with users and help them in booking their reservations. Apart from this, due to increasing road accidents, governments across the globe have implemented stringent road safety regulations for averting the utilization of mobiles while driving. As a result, users are now preferring to utilize voice commands for carrying out different tasks on their mobile devices while driving. Further, with the growing concern for safety and need for a strong verification process in mobile banking, a large number of banks are now adopting voice-based authentication solutions for accepting transactions which, in turn, is creating a positive outlook for the market.
IMARC Group’s latest report provides a deep insight into the global voice and speech recognition market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global voice and speech recognition market in any manner.
The report has also analysed the competitive landscape of the market with some of the key players being Nuance Communication, Microsoft, Google, Inc., IBM, Baidu, Inc., Facebook, Inc., Apple, Inc., Amazon, Inc., Advanced Voice Recognition Systems, M2SYSLLC, Sensory, BioTrust ID B.V., Voicebox Technologies, etc.
Key Questions Answered in This Report:
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